TECH & AI
1 AUTO
FINAN ECOS
THE RISE OF
The next decade could see artificial intelligence ( AI ) evolve from a supporting role in financial decision-making to autonomously managing entire financial systems .
Vickie Wall , EY Ireland Financial Advisory Services ( FAAS ) Leader , highlights this trend : “ Many finance leaders now looking beyond automation are considering the implementation of autonomous systems that can not only carry out tasks but make or at least suggest decisions without the necessity for human intervention ,” she says .
Currently , AI assists with tasks such as risk assessment , fraud detection and customer service . However , by 2034 , we may see these functions integrated into comprehensive , AI-driven systems that can predict and react to market movements , customer behaviour and regulatory changes in real time .
The potential benefits for businesses are substantial . Autonomous financial ecosystems could dramatically reduce operational costs by minimising human intervention in back and front-office services . Vickie notes the immediate impact this could have : “ This can be applied immediately to time-consuming , recurring processes like month and yearend close .
“ In most cases , these are highly manual processes that deal with huge numbers of journal postings and have a high
162 October 2024